COMMERCIAL
NEPTUNE RESORT ON FORT MYERS BEACH SELLS FOR $27 MILLION
The Neptune Resort, a staple of the Fort Myers Beach vacation scene for more than 40 years, has changed hands. Springboard Hospitality, which owns 38 independent and branded properties across the United States, paid $27 million for the Neptune Resort. The company announced the transaction Oct. 6. “We are excited to welcome the Neptune Resort to Springboard Hospitality,” CEO Ben Rafter said in a news release. “This news continues an exciting portfolio expansion in 2021 where we have strategically increased our presence in Florida and beach destinations, while continuing to leverage our expertise in managing independent hotels.” The Neptune Resort is at 2310 Estero Blvd. It has 71 suites and two heated pools. In-season rates start at $250. This is a business-as-usual transaction, said Laura Notaro, of The Point PR agency. The acquisition takes place with construction on the nearby Margaritaville Resort set to begin.
DELL GROUP BUYS HAMILTON HARBOR YACHT CLUB IN NAPLES
Tech billionaire Michael S. Dell’s MSD Partners purchased the exclusive Hamilton Harbor Yacht Club in Naples for $16.625 million on Sept. 27. The seller was Collier Enterprises Inc., a Naples-based real estate investment and development firm that also sold its Old Collier Golf Club last week to Hoffmann Family of Companies, headquartered in Naples, for $45.3 million. Dell is the founder, chairman and CEO of Dell Technologies computer IT company and also the money behind The Athens Group’s redevelopment of the Naples Beach Hotel & Golf Club, which permanently closed in May and is proposed to be the future home of a Four Seasons resort. Dell’s MSD Partners and MSD Capital control a luxury portfolio that includes the Boca Raton Resort & Club purchased two years ago. MSD, which has offices in New York, California and West Palm Beach, is a private investment firm established in 1998 to exclusively manage the assets of Michael Dell and his family. Hamilton Harbor Yacht Club is tucked away in a protected harbor off Naples Bay on 28.38 acres at the southern tip of the city of Naples near Naples Botanical Garden, Rookery Bay National Estuarine Research Reserve, Gordon Pass and Keewaydin Island. Developed by Collier Enterprises in 2008, the private club has 25 floating wet slips and an advanced storage center that can hold as many as 325 boats. Its Old Florida-style clubhouse includes a full-service restaurant and bar. For the full story, click here.
NAPLES RETAIL BUILDING ACQUIRED FOR $8.5 MILLION
TT of Naples Inc. purchased a 25,635-square-foot retail building on 1.72 acres at Trail Shopping Center, 710 Ninth St. N., Naples, from M & T Enterprises Inc. for $8.5 million. TT of Naples purchased the center for investment purposes. Bill Young, Biagio Bernardo and Brock Rasmussen of Lee & Associates | Naples-Fort Myers negotiated the transaction.
JONES LOOP ROAD PROPERTY IN PUNTA GORDA SELLS
The one-mile stretch of vacant, wooded lands along Jones Loop Road between U.S. 41 and the Tucker’s Grade exit at I-75 is set to boom. The first confirmed project will be apartments. Parkside Punta Gorda LLC purchased 22.8 acres at 26020 Jones Loop Road in Punta Gorda from Jones Loop Road LLC for $2.7 million. There are 297 units being planned with groundbreaking slated for 2022. The lot is just off U.S. 41. “This development is going to further solidify the Jones Loop corridor and bring much-needed rental housing to the Punta Gorda market,” said Michael Price, who brokered the deal for both buyer and seller for LandQwest Commercial. “We are excited to be a part of the continued growth in this corridor,” Price said.
NAPLES BUILDING BOUGHT FOR $1.385 MILLION
Real Estate Holdings LLC purchased a 9,060-square-foot building on a half-acre in Golden Gate at 12445 Collier Blvd., from MM and JD Holdings LLC for $1.385 million. Bill Young and Biagio Bernardo of Lee & Associates| Naples-Fort Myers represented the seller and Michelle Messina of Naples Trust Real Estate Services LLC represented the buyer in the transaction.
FORT MYERS BURGER KING PROPERTY PURCHASED FOR $1.7 MILLION
1031x.com Inc.purchased the 3,645-square-foot freestanding Burger King at 10997 Colonial Blvd., Fort Myers, from EBCP 11021 Colonial LLC for $1.7 million. Rokki Rogan, CDPE, of LandQwest Commercial was the transaction broker.
New Periwinkle office
SANIBEL CAPTIVA COMMUNITY BANK PURCHASES BUILDING TO RELOCATE BRANCH
Sanibel Captiva Community Bank has acquired the building at 1019 Periwinkle Way on Sanibel. Located two buildings down from its current branch at 1037 Periwinkle Way, the branch will be relocated after renovations are completed at the end of 2022. The bank has hired Benchmark Construction to renovate the bank’s new branch, which will feature a community room, electric car charging station and safe deposit boxes. Current occupant John R. Wood Properties will continue leasing approximately half of the 5,200-square-foot building. The current branch at 1037 Periwinkle Way will remain open for service during renovations.
SUFFOLK PREPARES FOR VI AT BENTLEY VILLAGE REDEVELOPMENT PROJECT
Suffolk is getting ready to begin vertical construction on Vi at Bentley Village’s latest multi-million dollar makeover to their resort-style senior living community in North Naples. The redevelopment project will update and expand the community’s skilled nursing facility, Bentley Care Center, and assisted living residences, while enhancing its care services with a new Center for Living Well. The project will increase the number of private one-bedroom apartments to 84 in assisted living. The renovated building will also retain 15 memory support apartments for residents who require an extra level of care. The 5,700-square-foot Center for Living Well will house support services, such as physical therapy, wellness and home health, and is designed for the needs of all residents. At the Bentley Care Center, resident rooms will get a makeover to enhance privacy. The new design will feature a total of 84 private rooms, all with private bathrooms. This is a continuation of Suffolk’s involvement in the redevelopment of Vi at Bentley Village. Suffolk is servicing the project from its Estero office which employs more than 150 professionals.
LEASES
Eye Health of Ft. Myers LLC leased a 4,900-square-foot space at Pebblebrooke Center, 15215 Collier Blvd., Units 319-322, North Naples, to Plaza 35-Pebblebrooke-Naples LLC and Pebblebrooke-Naples. Jim Doane and Mark Edwards of Welsh Companies FL Inc. and represented the landlord and Tim Schneider of Trinity Commercial Group represented the tenant.
JMB Drip Investments LLC leased an approximately 4,156-square-foot space from Vanderbilt Commons II Land Trust at 7273 Vanderbilt Beach Road, Suites 19-20. Ryan Paiva of Welsh Companies FL Inc. represented the landlord.
Mission BBQ Naples FL LLC leased 4,022 square feet of retail space from GLL Selection II Florida LP at 5975 Airport-Pulling Road, Naples. Patrick Fraley, CCIM, of Investment Properties Corp. represented the landlord and Matt Lynch with Atlantic Retail represented the tenant.
Millennium Physician Group leased 2,606 square feet in the Bay Landings office/retail center at 27160 Bay Landing Drive, Suite 201, Bonita Springs, from Bay Landing Bonita LLC. Adam Palmer, CCIM, SIOR, and Steve Wood with LandQwest Commercial represented the tenant in the transaction.
Rycon Construction leased 2,191 square feet of office space in the Chico’s Business Commerce Park at 11215 Metro Parkway, Suite 2, Fort Myers, from Chico’s FAS Inc. Adam Palmer, CCIM, SIOR, and Mike Doyle, CCIM, with LandQwest Commercial represented the landlord.
Lee & Associates leased 2,024 square feet of office space in the Chico’s Business Commerce Park at 11215 Metro Parkway, Suite 1, in Fort Myers, from Chico’s FAS Inc. Mike Doyle, CCIM, and Adam Palmer, CCIM, SIOR, with LandQwest Commercial represented the landlord in the transaction.
Ana Donohue Interiors Naples LLC leased 1,796 square feet of retail space from Pettit Square Holdings LLC at 294 14th Ave. S., Naples. Tara Stokes of Investment Properties Corp. represented the landlord and John Paulich IV with Trinity Commercial Group Inc. represented the tenant.
Millennium Physician Group leased 1,682 square feet of office space at 2503 Del Prado Blvd., Suite 202, Cape Coral, from Blue Waters Development Group LLC. Adam Palmer, CCIM, SIOR, and Steve Wood with LandQwest Commercial represented the tenant in the transaction.
Benson Blackburn LLC leased 1,476 square feet of office space from Tamiami Newgate Ltd., at 5150 Tamiami Trail N., Suite No. 501, Naples. Patrick Fraley, CCIM, of Investment Properties Corp. negotiated the transaction.
Island VYBZ Jamaican Cuisine Corp. leased 1,400 square feet from Plaza 35-Pebblebrooke-Naples LLC and Pebblebrooke-Naples LLC at Pebblebrooke Center, 15215 Collier Blvd., Unit 323, North Naples. Jim Doane and Mark Edwards at Welsh Companies FL Inc. represented the landlord.
DSI General Contractors Inc. leased a 1,350-square-foot retail space in Pelican Plaza at 713 Bald Eagle Drive, Suite 797, Marco Island, from 102 Development Company LLC. Bill Young and Biagio Bernardo of Lee & Associates| Naples-Fort Myers negotiated the transaction.
ON THE MOVE
James Walls
Lee & Associates has promoted James Walls to vice president. Walls, earlier this year, completed a $2 million sale of a 20,000-square-foot warehouse on Enterprise Avenue in Bonita Springs and a 35,000-square-foot industrial lease on behalf of Zing Quality Furniture in Fort Myers. Walls specializes in selling and leasing of industrial and retail properties and recently added a large retail leasing assignment to his accomplishments. Walls has more than 10 years of commercial real estate experience spanning multiple sectors and markets. He graduated from Pennsylvania State University in 2010 and started his commercial real estate career in Fort Lauderdale before becoming an industrial research analyst for another major commercial real estate company in Tampa. He joined the Naples’ branch office of Lee & Associates | Naples – Fort Myers in 2019.
David Sepulveda
CRE Consultants has hired David Sepulveda as an associate, expanding the firm’s multifamily investment services. With nearly 10 years of experience using real estate investment partnerships, Sepulveda will utilize his local knowledge and affinity for the multifamily investment sector to assist clients in identifying and capitalizing on opportunities. He is a retired master sergeant of the U.S. Air Force. CRE Consultants is a commercial real estate services firm serving the Florida market.
KUDOS
Royal Shell Real Estate recognizes its top producers for September. In the Sanibel/Captiva office, the Top Listing Producers Team is McMurray & Members; Top Listing Producers Individual/Partners is Tracy Walters; Top Sales Producers Team is McMurray & Members; and Top Sales Producers Individual/Partners is Walters. In the Fort Myers office, the Top Listing Producers Team is Team Stacey; Top Listing Producers Individual/Partners is Patti Testa; Top Sales Producers Team is Yergens, Miller, Welsh & Jackson; and Top Sales Producers Individual/Partners is Testa. In the Cape Coral office, the Top Listing Producers Team is The Jim Peterson Team; Top Listing Producers Individual/Partners is Paula Towell; Top Sales Producers Team is The Koffman Group; and Top Sales Producers Individual/Partners is Marc Wozny. In the Bonita Springs office, the Top Listing Producers Team is The Lummis Team; Top Listing Producers Individual/Partners is Tammy Workman; Top Sales Producers Team is The Fagan Team; and Top Sales Producer Individual/Partners is Jamie Lienhardt. In the Naples – Park Shore office, the Top Listing Producers Team is The Keller Group; Top Listing Producers Individual/Partners is Mary Ellen Bonelli; Top Sales Producers Team is The Kimberly Luxury Group; and Top Sales Producer Individual/Partners is Bette Pitzer. In the Naples – Fifth Ave. office, the Top Listing Producers Team is The Epifanio Team; Top Listing Producers Individual/Partners is Nancy Ehlen; Top Sales Producers Team is The Epifanio Team; and Top Sales Producer Individual/Partners is Anne Juliano.
